Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if an indicative timetable has been agreed with the European Central Bank in respect of ELA lending made by the Central Bank of Ireland to Irish Bank Resolution Corporation; and if he will make a statement on the matter. [57594/12]

Michael Noonan (Limerick City, Fine Gael)
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The Promissory Notes and other banking assets act as collateral in relation to exceptional liquidity assistance (ELA) loan (repo) agreements between IBRC and the Central Bank of Ireland (CBI). Repayments on the Promissory Notes and cash generated from banking assets provide cash to IBRC which is available to reduce outstanding ELA. Such repayments of the Promissory Notes and cash flows from IBRC’s banking assets will repay ELA over time. The ELA itself is funded by the CBI through Intra-Eurosystem liabilities and any repayments of ELA are used to reduce this liability on the Central Bank’s balance sheet. Other than that there is no link between the Promissory Notes and ELA. Whilst there is an implicit link between the current repayment schedule on the Promissory Note and ELA, as described above, there is no specific repayment schedule, as such, in relation to ELA.